Tim Black hosts the live trading room for the Asia trading session. His background is in computers and technology. He is addicted to technology, charts and technical analysis and enjoys teaching and sharing his viewpoints in these areas.
I guess it’s way past time for another Trader’s Tech tip. I’ll try to get a couple of them out this weekend. This time let’s talk about this MetaTrader 4 tutorial.
I was going to move on to another platform for a few tips, but I decided to stick with MT4 since I got a few questions after my last post. This time I’ll discuss using chart templates. All instructions assume the default configuration of MT4.
Chart templates are used to duplicate elements from one chart into another (or several others.) If you regularly use a certain color scheme or a lot of indicators in your charts, you will want to make a template of your chart setup.
To create a chart template, start by opening a chart. Click the New Chart toolbar button on the far left of the top toolbar and select your currency pair.
Once your chart is open, change the colors (Chart/Properties…) and add all the indicators and lines you want. When you’re done, click on the Templates tool (to the far right on the top toolbar) and select Save Template…
You will see the Save As… dialog box. In the File name: field near the bottom, enter a name for your template. Make it descriptive so you will recognize it in the listing. If you use the file name “default” (without the quotes), that is the template that will be used when you create a new chart.
To apply your template, open a chart as before. Then click the Templates toolbar button, select your template from the list and voila! your chart is transformed before your very eyes. 🙂
You can use chart templates to duplicate your lines on charts across several time frames. For example, you may like to see the EUR/USD in 1m, 5m, 15m, and 60m time frames (like I do.) You can use one of the charts to add all your indicators, trend lines and support/resistance lines. Save it as a template and apply that template to all the other time frames. Keep in mind when doing this, most lines are meaningless when applied to a chart of a different currency pair.
I welcome your questions and comments. As always, please be constructive in your comments. Follow me on Twitter for trade updates and stupid jokes (not too many of them, though, I promise.) My next post will be about using MetaTrader 4 Profiles for accessing groups of charts quickly.
May the pips be with you!
Secret Asian Man 😉
Winner’s Edge Trading, as seen on: